Max Life Child Plans

What are Child Plans?

Child plans are financial products designed to help parents save and invest money for their children's future needs, such as education, marriage, or other expenses. These plans typically offer a combination of investment and insurance components, providing a comprehensive financial solution for the child's future.

Max Life Child Plans

Max Life offers a variety of child plans to help you secure your child's future and meet their educational and other needs. Below are the plans offered by Max Life for children:

Max Life Shiksha Plus Super

Max Life Shiksha Plus Super is a child education Unit Linked Insurance Plan (ULIP) offered by Max Life Insurance. It is a Unit-Linked Non-Participating Individual Life Insurance Plan designed to provide comprehensive coverage for your child's education even if you're not around, while also offering investment options to help grow your savings for their future. 

Here are the features and benefits of the plan:

• Policy Term Flexibility: Choose between a 10-year term or terms ranging from 15 to 25 years to match your child's educational needs.

• Comprehensive Coverage: Get life insurance protection for yourself and guaranteed policy continuation for your child's education even in your absence.

• Investment Choice: Invest in a range of funds, including Government Securities, Corporate Bonds, Money Market Instruments, and Equity, with 8 Fund Options to suit your risk appetite.

• Investment Strategies: Leverage Max Life's expertise with their investment strategies to optimize your returns from both equity and debt funds.

• Guaranteed Loyalty Additions: Receive additional units added to your fund value every year from the 11th policy year onwards.

• Tax Benefits: Enjoy tax deductions on your premiums and potentially on policy proceeds as per prevailing tax laws.

Investment

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Death benefit payouts:

• Lump sum: Highest of Sum Assured, 105% of paid premiums, or 0.5 times Policy Term times Annualized Premium.

• Family Income Benefit: 10% of Sum Assured paid annually for up to 10 years after your death, starting on the next policy anniversary.

• Funding of Future Premiums: Max Life covers all future premiums after your death, ensuring the policy continues and the fund value is paid at maturity.

• Bonus: 0.20% annual Guaranteed Loyalty Additions starting from the 11th year, increasing by 0.02% every year thereafter.

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Plan at Glance

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Max Life Future Genius Education Plan

The Max Life Future Genius Education Plan is a child education Unit Linked Insurance Plan (ULIP) offered by Max Life Insurance. It is a Non-Linked Participating Individual Life Insurance Savings Plan that aims to provide financial security for your child's education while offering investment opportunities to grow your savings for their future.

Riders available under this plan:

• Max Life Term Plus Rider (UIN: 104B026V03)

• Max Life Accidental Death & Dismemberment Rider (UIN: 104B027V03)

• Max Life Waiver of Premium Plus Rider (UIN: 104B029V03)

Here are the features and benefits of this plan:

• Financial Security: Life insurance coverage ensures funds for your child's education even if you're not around. The policy continues with no future premiums due.

• Guaranteed Moneybacks: Receive 4 annual payouts totalling 25% of the Sum Assured in the last four years of the policy term, supporting key education expenses.

• Investment Flexibility: Choose payment terms (8-year or Limited Pay) and policy terms (13-21 years) to align with your child's graduation year and your budgeting needs.

• Bonus Options: Customize your returns with three options: Cash, Premium Offset (reduce future premiums), or Paid-up Additions (grow your fund value).

• Tax Benefits: Enjoy tax deductions on your premiums as per prevailing tax laws.

• Death Benefit: Immediate lump sum payout upon your passing, ensuring financial stability for your child's education.

• Maturity Benefit: Receive the Paid-up Additions (accumulated bonus) at the end of the policy term.

• PUA Withdrawal Option: Access accrued Paid-up Additions partially or fully for unforeseen needs.

• Discounting and Deferment Options: Adjust money-back payments to match your child's future needs by discounting or deferring them.

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Plan at Glance

How to Buy the Max Life Child Plans PolicyBazaar?

To buy a child plan from PolicyBazaar, follow these steps:

• Visit the PolicyBazaar homepage and navigate to the "Personal" tab.

• Click on "Child Plans" from the dropdown menu.

• Fill out the lead form by providing your name and mobile number.

• After filling out the lead form, click on the "View Plans" button.

• Provide details such as your city, income, your age, and your child's age on the next page then click "Continue."

• You will be directed to the quotes page, where you will find quotes from more than 10 insurers.

• Next, choose the plan type based on the payment schedule – whether it's a one-time payout or a Monthly Payout Plan.

• Select the plan that best suits your needs and click on "Get details". 

Following these steps will guide you through the process of purchasing a child plan from Policybazaar.

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Why Choose Child Plans?

• Security: Child plans provide financial security for your child's future needs.

• Savings: Encourage disciplined, long-term savings.

• Investment & Insurance: Combine investment and insurance for comprehensive coverage.

• Tax Benefits: Offer tax benefits under the Income Tax Act.

• Maturity Benefits: Funds can be used for the child's education or other needs upon maturity.

• Flexibility: Allow flexibility in premium payments, investments, and withdrawals.